In May, privately-held industrial conglomerate GFG Alliance said it would spend up to A$100 million to get a controlling interest in Havilah to provide materials for its Australian copper and steel business.

At its annual general meeting, the company said it received 109.1 million proxy votes against the resolution, while 33.4 million proxy votes were cast in favor.

Havilah had said the funding from GFG Alliance member OneSteel Manufacturing Pty Ltd was intended for work programs on its iron ore assets and copper prospects in the Mutooroo Copper-Cobalt District of New South Wales.